Price Surge in Terra Ecosystem: LUNA and LUNC Soar After $15 Million Injection
Both Terra ecosystem coins, LUNA and Terra Luna Classic (LUNC), have experienced significant surges in the past days.
According to CoinGecko, LUNA has risen by 19.1% to approximately $0.83, while LUNC has seen an impressive 39.6% increase, now trading at $0.00011267. This surge follows Terraform Labs injecting $15 million into the Terra DeFi ecosystem to address the cold start problem, distributing liquidity across 11 LUNA pools on DEXs Astroport and Ura.
The exact reason behind the rise in LUNC’s price remains unclear. Launched in May 2022 to support the rebooted Terra blockchain, LUNA aims to recover from the collapse earlier that month, triggered by the loss of its algorithmic stablecoin TerraUSD’s dollar peg. The recent price movements coincide with the approval of Terraform Labs co-founder Do Kwon’s extradition from Montenegro, highlighting the ongoing legal developments related to the Terra ecosystem’s collapse in May 2022.
Clever Robot News Desk 28th November 2023
